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Mixing Federal and Private Student Loans

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In College Planning & Financial Aid Getting a Student LoanLendKey

The cost of college has increased dramatically since the days your parents attended college. It’s not uncommon to need a bit of help financing it. At this point, you’ve applied for scholarships and grants, and have pooled your savings. You may have gone as far as to take out federal student loans. And what if you still can’t finance the full cost of your college education? After taking out federal loans, many students supplement them with private loans. Some students even skip federal loans and borrow all they need from private lenders such as banks and credit unions if they …

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Federal vs. Private Student Loans

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In College Planning & Financial Aid Getting a Student LoanLendKey

At last, the college admissions process is over. You’ve filled out your FAFSA, chosen your school, and gathered your scholarships. If you’re like most students, scholarships, savings, and financial aid probably don’t cover the entire cost of your education. Aside from tuition, there’s room and board, living expenses, textbooks – the list goes on. One option is to supplement your funds with student loans. It may seem scary at first, but we’re here to break down the two main types of student loans. Federal vs. Private Student Loans The two major categories of student loans are private student loans and …

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How High School Students Can Plan to Pay Off Student Loans

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In College Planning & Financial Aid Getting a Student LoanLendKey

The subject of whether a high school graduate should attend college has become controversial, particularly in recent years. Some argue that college isn’t quite as “necessary” as it once was. This is particularly true due to the state of the job market and the rising costs of college in the United States. However, this argument isn’t necessarily supported by facts – or at least, by current statistics. The Value of a College Education: Breaking Things Down According to NCES, employment rates were higher in 2017 for 25 to 34-year-olds who had obtained higher levels of education versus those who hadn’t. …

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A Freshman’s Guide: Student Loan Basics

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In College Planning & Financial Aid Getting a Student LoanLendKey

So you’ve chosen your dream school but it’s too expensive to pay out of pocket. Even if you were fortunate enough to have received financial aid, scholarships, or grants, you still may need to fill the gap with loans. If you don’t know much about loans and aren’t sure how to apply for them, don’t worry – you’re not alone! Most American students are not required to take personal finance courses in high school. Furthermore, you probably were never in a position where you had to pay for something as costly as a college education. This can make things like …

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A Guide to Scholarships and Grants

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In College Planning & Financial AidLendKey

College education has been a dream for parents and their children for generations. Students work hard to get into their choice colleges and to make their parents proud. However, with higher education costs on the rise, how they’re going to pay for it becomes the next big obstacle. Luckily, financial aid money is sometimes available and has benefitted countless students. According to a recent study, about $123 billion worth of scholarships and grants were awarded during the 2013/2014 school year. The majority of those came from the federal government (40%), followed by colleges and universities themselves (39%). Private sources accounted …

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Student Loan Alternatives for Parents

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In College Planning & Financial Aid GeneralLendKey

Student Loan Alternatives for Parents Student loans for parents often come in two forms: private student loans taken out by parents on behalf of a student, or Parent PLUS Loans, a federal student loan that is available to some parents. However, no matter which kinds of parent-student loans you are considering to use to help pay for your child’s education, they are still all loans. Both private student loans and Parent PLUS Loans require a credit check, so if your credit score does not pass or you’re simply not in a good position to take on debt, your application could …

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Should You Invest More into a Post-Graduate Education?

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In College Planning & Financial Aid Getting a Student LoanLendKey

With the cost of education on the rise, every college student has to make some important financial decisions. Not only do you want to seek out scholarships to ease the financial burden, but you also need to decide how much debt you can handle for tuition and student living. Some students take a slower path to work their way through school. Some rush ahead to a high-paying job at the end that will ultimately make debt repayment faster. And these financial decisions are doubly important when it comes to graduate school. If you’ve recently graduated or will graduate soon, no …

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Paying Off Your Student Loans and Funding Your Child’s Education

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In College Planning & Financial Aid FeaturedLendKey

As a parent, you may not have taken a traditional path to education. You may have chosen to go back and get a new degree later in life, or you might not have started school until after your children were born. In some cases, you may simply still be paying off your student loans as your children prepare for college. You want to help your child pay for their education, but at the same time, you need to get your own student loans paid off. How can you both pay off your own student loans and pay for your child’s …

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Parent PLUS Loans and Other Student Loans for Parents

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In College Planning & Financial Aid Getting a Student LoanLendKey

One of the biggest things on your mind as a parent is probably supporting your child through college. A potential way to do this is by using college savings accounts to save money for tuition, textbooks, and other education-related expenses. However, savings accounts are only useful if you have time to plan ahead for your child’s college education, and enough disposable income that you can comfortably set aside money month-over-month. Fortunately, there are other ways to help your child pay for college: student loans for parents. Usually, when we think of student loans, we think about all the debt being …

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How to Save for College — Types of College Savings Accounts

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In College Planning & Financial Aid GeneralLendKey

If you’re a parent who is trying to save money for your child’s college education, then you’ve probably heard about college savings accounts. A college savings account is an account that you can deposit money into to be drawn on later when it’s time to pay for tuition, textbooks, housing, or any of the other eligible expenses that come with higher education. However, even a brief look at college savings accounts will tell you that there are many different types out there, each with their own unique twist. Let’s take a look at the types of college savings accounts available …

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How Much Should Parents Save for College?

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In College Planning & Financial AidLendKey

As a parent, you want to ensure that your children will have the best future that they possibly can. That means setting them up for success and making sure that they’re able to go to college and graduate without worrying about the finances behind it. Unfortunately, college costs a lot of money. It’s no longer feasible for someone to pay for college through a part-time job while taking on extra hours during the summer. Saving for college before your child has even graduated high school is one way to make sure that they have all the money that they need …

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Financial Aid for a Second Bachelor’s Degree — Getting Student Loans When You Return to School

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In College Planning & Financial AidLendKey

With wage stagnation in the short-term and concerns about automation in the long-term, many American workers are starting to think about heading back to college for a second degree. Getting a second bachelor’s degree can have many benefits. It’s a chance for people to change their career, gain additional skills, and hopefully, find a job that offers more long-term financial security. However, whether you’re entering college for the first time or heading back for another degree, many students are facing the reality: college is starting to cost a lot, and it’s not at all clear how to pay for it. …